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Well-Being and Fair Distribution

Beyond Cost-Benefit Analysis

Well-Being and Fair Distribution provides a rigorous and comprehensive defense of the “social welfare function” as a tool for evaluating governmental policies. In particular, it argues for a “prioritarian” social welfare function: one that gives greater weight to well-being changes affecting worse-off individuals. In doing so, the book draws on many literatures: in theoretical economics, applied economics, philosophy, and law. Topics addressed include the following: the nature of well-being and the possibility of interpersonal comparisons; the measurement of well-being via “utility” numbers; why a “prioritarian” social welfare function is more appealing than alternative forms (for example, a utilitarian, leximin, or “sufficientist” function); whether fair distribution should be conceptualized on a lifetime or sublifetime basis; and social choice under uncertainty. The book also compares the social welfare function to other, more familiar policy-evaluation methodologies -- traditional cost-benefit analysis, inequality metrics, poverty metrics, and cost-effectiveness analysis. Only the “social welfare function” provides a unified, implementable, and normatively plausible methodology that respects the most basic welfarist principles (such as the Pareto principle) and is sensitive to distributive considerations.

In doing so, the book draws on many literatures: in theoretical economics, applied economics, philosophy, and law.

Towards an Interest-free Islamic Economic System

A Theoretical Analysis of Prohibiting Debt Financing

This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.

This text investigates the implications of eliminating "riba" from the financial system and brings the problem into the domain of mainstream economics.

The Islamic Financial System

A Critical Analysis and Suggestions for Improving Its Efficiency

This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the position of conventional finance. An improvement of efficiency may not be possible without taking a fresh look at Islamic injunctions while considering at the same time contemporary financial realities and needs such as investment opportunities, risk diversification and regulatory issues.

This study deals with the Islamic financial system and investigates the financial instruments utilized in it.

The Islamic Economic System

A Theoretical and Empirical Analysis of Money and Banking in the Islamic Economic Framework

Wisdom, Knowledge, and Management:

A Critique and Analysis of Churchman's Systems Approach

The Systems Approach and Its Enemies (C. West Churchman, 1979) is one of Churchman’s most significant works. In this particular writing he displayed two main tendencies, that he was a Skeptic and that he showed Socratic Wisdom. In this book the editors seeks to follow up on these two themes and reveal how modern authors interpret Churchman’s ideas, apply them to their own line of thinking and develop their own brand of Systemics.

In this book the editors seeks to follow up on these two themes and reveal how modern authors interpret Churchman’s ideas, apply them to their own line of thinking and develop their own brand of Systemics.